Tag
FUEL SUBSIDY
News and analysis about fuel subsidy
The sudden increase in fuel prices made it too expensive for many people to drive their cars or run their generators.
The removal of fuel subsidies in Nigeria has reduced the refining market in Europe, Reuters reports.
Retired workers in Nigeria under the umbrella of the Nigeria Union of Pensioners (NUP) urged the Federal Government to include its members in the proposed palliatives to cushion the economic hardship of the removal of fuel subsidy.
Analysts at FocusEconomics have said that Nigeria’s economy will expand by 2.8% in 2023 and 3.7% in 2024.
The Federal Government has confirmed that there are over 9,000 licensed filling stations across the country that are fit for the co-location of facilities that dispense autogas fuel.
Nigeria’s President Bola Tinubu assured Nigerians on Wednesday that his administration will provide palliatives for Nigerians to contain the shocks of the fuel subsidy removal.
President Bola Tinubu has written to the National Assembly seeking an amendment to the 2022 supplementary appropriation Act to allow the Federal Government to source N500 billion for palliative to cushion the effect of subsidy removal.
The bitter realities of fuel subsidy removal is leaving Nigerians with no option but to abandon their cars for public transportation
The daily average fuel consumption in Nigeria has dropped by 18.5 million litres from 66.9 million litres pre-fuel subsidy to 48.4 after President Tinubu scrapped the expensive fuel subsidy program.
The Governor of Borno State, Babagana Umara Zulum became one of the first Governors to offer fuel subsidy palliatives to ease transport costs in Nigeria, following the removal of Fuel subsidies.
In the past month, Nigerians have been actively exploring the possibility of converting their vehicles to operate on natural gas due to a significant increase in fuel prices.
The World Bank advised Nigerian policymakers to move away from national averages when formulating social protection measures after the fuel subsidy removal.